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Market Commentary
Banking Stocks led rally in Indian Markets - Angel Broking
Posted On : 2013-04-22 20:21:07( TIMEZONE : IST )
The first session of the week opened on a flat note in-line with quiet mood across the globe. Subsequently Indices inched higher through the session and a sharp up move towards the fag end led to close almost at the highest point of the day. During the day, once again banking stocks led the rally along with Consumer Durables and Capital Goods counters; whereas IT sector remained under pressure. The advance to decline ratio was strongly in favor of advancing counters (A=1319 D=1047) (Source–www.bseindia.com)
- The '20-week EMA' and the '20-day EMA' are placed at 19012 / 5756 and 18723 / 5662 levels, respectively. The '89-week EMA' and the '200-day SMA' are placed at 18203 / 5506 and 18657 / 5656, respectively.
- The '89-day EMA' and the '200-day SMA' are placed at 19044 / 5764 and 18674 / 5661, respectively.
- The 'Lower Top - Lower Bottom' formation on the weekly chart is still intact.
- The weekly momentum oscillators and daily '5 & 20 EMA' have signaled a positive crossover.
- The 61.8% Fibonacci retracement level of the fall from 20204 / 6112 to 18144 / 5477 is placed at 19416 / 5870.
Yesterday, as expected, indices continued to progress higher after breaking Thursday's high of 19061 / 5794 and moved beyond our immediate target of 19200 / 5815. Indices are now gradually moving towards the mentioned resistance level of 19416 / 5870, which is the 61.80% Fibonacci retracement level of the fall from 20204 / 6112 to 18144 / 5477. Hence, we maintain our view that traders to book partial profits around this level and trade with strict stop losses for the remaining positions. However, in case of extreme optimism, if the indices manage to stay above 19416 / 5870 levels, then they may even test 19755 / 5971. On the downside, yesterday's low of 18989 / 5789 would act as immediate support level for the market. Only a sustainable move below this support would trigger intraday pessimism in the market. In this scenario, indices may test 18950 / 5865 level.
